Caitec announces the acquisition of the KitNipBox Cat subscription service
Press release: Caitec
Caitec Inc., a portfolio company of Fairchild Capital Partners, LLC, announced its acquisition of KitNipBox, the world’s largest cat subscription box company. Founded in 2014 and based in New York City, KitNipBox is a subscription service that sends a monthly box of cat toys, healthy treats, and other fun products to consumers across the country. In March 2021, CNN recognized KitNipBox as one of the best pet subscription boxes, and the Subscription Trade Association awarded it its CUBE award for best pet subscription box in 2017, 2018 and 2020.
“We are delighted to partner with the KitNipBox team. This transaction allows Caitec to further expand our product offering in the companion animal sector beyond our current product offerings for dogs, birds, fish and small animals, and enter the cat category in such a way. significant, ”said Terry Gao, CEO of Caitec. “We were very impressed with KitNipBox from our first interactions. KitNipBox shares the same core values of offering high quality pet products. In addition, their team brings complementary skills to Caitec to enable us to expand our direct-to-consumer and digital marketing initiatives.
“It’s hard to imagine a more complementary set of capabilities. We are excited to see what Caitec and KitNipBox can build together, ”said Deena Bronz, Co-Founder of KitNipBox. “The partnership with Caitec made sense for many reasons. We are excited to leverage the capabilities and resources of the combined entity to further develop KitNipBox and expand into new markets and channels, ”said Jordan Salvit, co-founder of KitNipBox.
Needham and Company acted as KitNipBox’s exclusive financial advisor for this transaction.
Founded in 1992, Caitec has led the way in pet product innovation by providing pet owners with a wide range of high quality and affordable pet products. Caitec’s tradition is to create innovations in animal care for a better way of life.
KitNipBox is the # 1 subscription box for cats. The company sends an organized box of new cat toys, treats and other goodies to homes across the country every month. The Subscription Trade Association awarded the company a CUBE award for being the best pet subscription box in 2017, 2018 and 2020. A portion of its proceeds is donated to animal welfare organizations across the country. country.
Capital Partners, LLC Fairchild Capital Partners, LLC is a Buffalo, NY-based private equity firm that focuses on investing in companies operating in the middle market and the lower middle market. Fairchild seeks to partner with businesses that typically generate revenues between $ 5 million and $ 75 million led by strong, entrepreneurial management teams, providing capital for acquisitions, business buyouts, family transitions, planning estate, recapitalizations, business divestitures and growth and expansion.